Sino Agro Food Inc (fka SIAF)

[melehuna]

In fact, I consider the prepared remarks from the conference call as much as the answer in the Q&A:

In the third quarter, we saw the beginning of a transition from funding the remaining capital expense with equity to debt. At the beginning of 2013, the Company expected to fund $92M of its total development budget of $118M from internal sources, leaving $26M from external. Last quarter, that number was about half, and now lower still. The Company is active in endeavors to raise these and additional funds from various potential debt instruments. Until a material event occurs, I am restricted in what I can say about progress in these efforts by confidentiality, and for competitive and regulatory reasons. Today, I will say that I felt in the last month we’ve made good progress.

To me, the implication is that if they are not able to raise funds from one of these potential debt instruments, they will need to use stock once again.